Cardano (ADA) will be the 2nd largest DeFi platform, while the most updates in the last 30 days on Github
Quantstamp CEO Richard Ma, in a recent interview, says that Cardano will become the second-largest DeFi platform behind Ethereum, and Cardano offers clear advantages over 3rd-place competitor Tezos.
Richard Ma also stated that Cardano’s source-code is among the best in the blockchain space. After the successful Shelley Hard Fork on July 29, 2020, the foundation has been laid to compete with DeFi leader Ethereum.
“The move to the Shelley era means Cardano will be the 2nd most popular smart contract platform, 2nd only to Ethereum by the end of the year. As a proof of stake system, it now dwarfs Tezos.”
Previously, Quantstamp Manager Jaye Harill stated that Cardano could become the most popular DeFi platform due to its increasing popularity and progressive adaptation. Cardano will outshine its direct competitor Tezos.
Charles Hoskinson announced that smart contracts and native assets on the Cardano blockchain will be released by the end of the year. According to Hoskinson, Cardano will have a significant advantage over its competitors through the new Hydra off-chain protocol, which allows transactions to be processed quickly and inexpensively with a lower latency than Ethereum.
Github: Cardano again on the first place before Ethereum
According to the latest data from Github, the development company behind Cardano, IOHK, again released the most updates in the last 30 days. On the second place Ethereum follows, which is in the complex preparation for the upcoming launch of the ETH 2.0 Mainnet.
Cardano is currently working hard on the further development of Shelley and has already initiated several developments on Voltaire. In addition, the launch of Goguen, which will be released in a 3-phase release at the end of the year, is still to come. The first feature has already been released with the metadata transactions.
According to CryptoDiffer, ADA is the second largest value behind DOT in USD stake, with $ 2.033 billion locked, while the current ADA capitalization is $ 3.3 billion.
The second step of Goguen is the transition from a single-asset to a multi-asset system, so that users will soon be able to create their own tokens. At the same time, Cardano is also developing the ERC20 Token Converte. Using that feature projects can easily migrate from Ethereum to Cardano. According to Hoskinson, the multi-asset standard will be far superior to Ethereum’s ERC20 standard.
The launch of the decentralized governance program “Project Catalyst” is also important for development progress. This is intended to generate ideas and suggestions on how companies and developers can be encouraged to build dApps and companies on the Cardano ecosystem in the coming months.
Significant progress was also made recently with the Node Update v1.19, which makes the Cardano software up to 100 times faster in some parts. The Daedalus Wallet has also received continuous performance updates and security has been significantly improved. Most recently, Hoskinson announced in an AMA that a contract with Runtime Verification has been signed and that it is a “seven-digit sum”.
Runtime Verification will focus on Yella, a virtual machine (also called IELE) that works similar to Ethereum’s virtual machine, but whose performance “will make it look like a toy”. By using Yella, developers will be able to write dApps in the most popular programming languages and convert and execute them using IELE.
- Charles Hoskinson Announces When Cardano’s Goguen Era Will Be Released, Extremely Competitive For DeFi
- Bittrex’s ADA Wallet Is Up And Running Once Again, Processing Deposits And Withdrawals With The Required Updates To Cardano